Iraq Increases May Crude Oil Premiums for Kirkuk and Basrah Exports
Iraq has raised the official selling prices for its May crude oil exports from Kirkuk and Basrah fields. Premiums for Kirkuk crude to Europe increased to $15.30 per barrel, while those to the Americas rose to $10.15 per barrel. For Basrah crude to Asia, premiums were set at $17.30 per barrel for medium grade and $15.20 per barrel for heavy grade.
Substrate placeholder — needs review · Wikimedia Commons (CC BY-SA 3.0)Iraq's State Oil Marketing Organization (SOMO) announced increases in the official selling prices (OSPs) for May crude oil exports. The adjustments apply to shipments from the Kirkuk and Basrah fields to major regional markets. These changes reflect ongoing pricing strategies amid global oil market dynamics.
30 per barrel. 15 per barrel. All sources confirm these figures for May loadings.
medium crude's premium to Asia was set at $17.
30 per barrel. 20 per barrel. These OSPs are based on assessments relative to regional benchmarks. The announcements were issued on April 9, 2024, covering the May delivery month. Iraq, as a key OPEC member, adjusts OSPs monthly to align with market conditions.
No contradictions appear across reports on the specific premium levels.
crude primarily serves European and American refineries, while Basrah grades target Asian markets.
The increases suggest stronger demand or tighter supply in these regions. SOMO determines prices based on consultations with oil majors and market data. These OSPs guide contract negotiations for physical oil sales.
Iraq's oil exports contribute significantly to its national budget, with crude accounting for over 90% of revenues. The pricing decisions occur against a backdrop of OPEC+ production policies.
Key Facts
Potential Impact
- 01
Iraq's oil revenues increase from elevated May export premiums.
- 02
Asian refiners face higher costs for Basrah medium crude imports.
- 03
European buyers pay more for Kirkuk crude shipments in May.
- 04
Global Brent-linked crude benchmarks experience minor upward pressure.
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